Endowment Funds

Purpose

In hopes of providing financial support in perpetuity for the work of the Friends, endowment funds have been established by its Board of Directors.

The Board is responsible for ensuring that all endowment funds are invested prudently and that the income from these investments is used in compliance with the charitable endeavors of the Friends of Southern Pines Public Library.

Endowment Fund

Established with unrestricted gifts for endowment from members of the community.

The principle of this fund is not expendable.

The earned income from the fund is available to the Friends to support the needs of the library.

Quasi-Endowment Fund

Established by the Board of Directors with designations from the surpluses in the operating budget.

The principal of this fund may be totally expended at the discretion of the board of directors.

Like the Endowment Fund, the general purpose of the fund is to provide income to support expanded library services.

Contributions & Gifts
These funds are open to receive contributions in any amount. Contributions are welcome from corporations, organizations, and individuals. Gifts may be given in memory or honor of a person or group. Gifts and bequests may be made in the form of cash, securities, other assets, life insurance, or trusts. Your attorney can assist you to include the friends in your estate planning.